Student Loans – CEC UGC http://cec-ugc.org/ Wed, 22 Sep 2021 21:37:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://cec-ugc.org/wp-content/uploads/2021/05/default-150x150.png Student Loans – CEC UGC http://cec-ugc.org/ 32 32 UI students respond as $ 5.8 billion in student debt forgiven for people with disabilities https://cec-ugc.org/ui-students-respond-as-5-8-billion-in-student-debt-forgiven-for-people-with-disabilities/ https://cec-ugc.org/ui-students-respond-as-5-8-billion-in-student-debt-forgiven-for-people-with-disabilities/#respond Wed, 22 Sep 2021 19:59:00 +0000 https://cec-ugc.org/ui-students-respond-as-5-8-billion-in-student-debt-forgiven-for-people-with-disabilities/ The Biden administration announced its intention to alleviate student debt for Americans with severe and permanent disabilities on August 19. The move, which takes effect this month, will ease $ 5.8 billion in debt and affect more than 300,000 Americans with disabilities, according to the Associated press. “We have heard loud and clear from borrowers […]]]>

The Biden administration announced its intention to alleviate student debt for Americans with severe and permanent disabilities on August 19. The move, which takes effect this month, will ease $ 5.8 billion in debt and affect more than 300,000 Americans with disabilities, according to the Associated press.

“We have heard loud and clear from borrowers with disabilities and advocates of the need for this change and are delighted to act on it,” Education Secretary Miguel Cardona said in an AP article.

John Andresen, research associate at the Indiana Institute on Disability and Community, said the total and permanent disability relief program existed before Biden’s presidency.

“What the Biden administrator is doing is sort of using his authority right now to modify an existing program,” Andresen said. “To kind of extend it to make sure it reaches everyone that it should be reaching.”

If disabled federal student loan borrowers are unable to find gainful employment, which is steady work that results in a self-sufficient salary, they can have their student loans canceled, Andresen said.

“It could be physical, it could be psychological, it could be a range of different disabilities that prevent them from maintaining constant gainful employment,” said Andresen.

In the past, people with disabilities had to go through an application process to get their debt canceled, Andresen said. The problem with the demand in previous years was that many people didn’t know they were eligible for student loan relief, he said.

Anderson said the application process is no longer in use. Borrowers are now automatically eligible for the program based on data supporting their disability in the Social Security Administration, he said.

“What they’re going to do now is they’ve done away with that application process completely, which is really cool,” Andresen said. “It is a good burden that the applicant must take away from them. They have removed this obstacle.

Harrison Getz, director of IU, was born with bilateral hearing loss. He was able to get hearing aids and receive speech therapy as he grew older, but said this disability always added an additional challenge to his education, especially when he got to college.

“Once I got to college it was a whole different story to really have to fend for yourself and not expect any accommodation unless you were fully up to date and followed everything. the process to do it, ”Getz said.

Getz said there were not always easy solutions to the problems caused by his disability, and he struggled to feel like a burden on his teachers. He said it was difficult to try to find accommodation.

“There are things in place to help us,” Getz said. “But I don’t think we talk about it enough.”

He said he is grateful for the student debt relief movement. Going to college and entering adulthood is hard enough, but having to deal with disability and other responsibilities, like homework, is a lot to take on, he said.

“I think that would be a really cool thing because a lot of people with disabilities have a really sour taste in their mouth because of their experience in college or in general education,” Getz said.

With the majority of his college years spent under the Trump administration, Getz said he never even imagined that a program with such easy access would be considered for people with disabilities like him.

“I never even really imagined it would be something we would even have talked about,” Getz said. “Much of my college career has been under Trump’s presidency, so you weren’t even expecting there to be that kind of option. It’s really cool to see that we are talking about it and that my problems and those of the other students are not only dramatic.

Getz did not receive any disability scholarship when entering college, so he strived to have as little debt as possible in the future, he said.

“Not having to worry about the financial burden that school has been and will be in the future would somehow redefine how I view what I got from my studies,” Getz said.


Source link

]]>
https://cec-ugc.org/ui-students-respond-as-5-8-billion-in-student-debt-forgiven-for-people-with-disabilities/feed/ 0
Nearly one in three parents have never told their child about the FAFSA https://cec-ugc.org/nearly-one-in-three-parents-have-never-told-their-child-about-the-fafsa/ https://cec-ugc.org/nearly-one-in-three-parents-have-never-told-their-child-about-the-fafsa/#respond Wed, 22 Sep 2021 10:00:00 +0000 https://cec-ugc.org/nearly-one-in-three-parents-have-never-told-their-child-about-the-fafsa/ RIVERWOODS, Illinois – (COMMERCIAL THREAD) – An annual Discover Student Loans survey found that 29% of parents had never told their child about asking for free federal student aid.® (FAFSA)I and 22% discussed it only once or twice. The FAFSA, which becomes available on October 1st, is a free annual app giving families access to […]]]>

RIVERWOODS, Illinois – (COMMERCIAL THREAD) – An annual Discover Student Loans survey found that 29% of parents had never told their child about asking for free federal student aid.® (FAFSA)I and 22% discussed it only once or twice. The FAFSA, which becomes available on October 1st, is a free annual app giving families access to the largest source of financial aid to help pay for college educationii. For many, this is the best way to access federal assistance.

Given the lack of discussions families have about FAFSA, it’s no surprise that only 37% of families responded that they are very familiar with FAFSA and plan to complete it this year. The survey also found that 31% of parents who planned to complete the FAFSA still had not completed it by May 2021 – a month before its deadline in June.

“It’s understandable that families feel anxious when it comes to paying for college. In fact, 30% of parents said that applying for scholarships, grants, loans, and other forms of financial assistance caused their child to be anxious. When it comes to funding a college education, the sooner families can start saving and having those conversations, the better, ”said Manny Chagas, vice president of Discover Student Loans. “The same goes for the FAFSA. Applying early can provide families with opportunities for federal, state, and institutional support, such as grants and scholarships, as some schools provide financial assistance on a first-come, first-served basis.

Beyond a lack of discussion about the FAFSA among family members, Discover’s survey uncovered myths and misconceptions that can create barriers for families who complete the FAFSA application, including:

  • Only 20% of parents know the FAFSA is available in October, while just over half (51%) believe the FAFSA is available year round. Both statistics remain relatively unchanged over the past three years.

  • More than a third (36%) of parents think it takes 1-3 hours to complete the FAFSA. However, most families complete the FAFSA in less than an hour. iii

  • More than 4 in 10 families (42%) who are not planning on completing the FAFSA say it’s because they don’t believe they will qualify for federal assistance. In fact, 86% of first-time full-time students in 4-year public colleges received assistance. iv

To navigate the FAFSA filing process, half of parents (50%) say they have taken advantage of FAFSA guides and online resources, while 29% say they use material sent by a child’s school and 28% cite secondary school guidance counselors as a resource. .

For families looking for more resources, Discover Student Loans provides free tools and information to help them plan and navigate their college fundraising journey. To begin with, the FAFSA Assistant Tool from Discover Student Loans is an interactive resource designed to help families prepare to complete their FAFSA application. After answering a few questions, the tool provides personalized advice and considerations to help families organize themselves for the process. Families can also refer to the FAFSA Dos and Don’ts as an additional resource – all found on the Discover Student Loans site website which provides useful content for students, parents and counselors. For families looking for a way to compare college costs, check out Potential Careers and College Majors Earnings to help determine college ROI, they can visit the award-winning site My College Plan tool.

For more information on Discover Student Loans, please visit www.discover.com/student-loans.

Methodology

All figures, unless otherwise noted, are from a Dynata (formerly Research Now / SSI) survey conducted on behalf of Discover Financial Services. The survey was conducted online May 10-15, 2021, with a total sample of 1,000 U.S. parents of college students (ages 16-18). The margin of sampling error is ± 2.53 percentage points with a 95% confidence level.

About Discover

Discover Financial Services (NYSE: DFS) is a digital banking and payments company with one of the most recognized brands in US financial services. Since its inception in 1986, the company has grown into one of the largest card issuers in the United States. The company issues the Discover Card, a pioneer in cash rewards in the United States, and offers private student loans, personal loans, home loans, checking and savings accounts, and certificates of deposit through its banking operations. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash access points; PULSE, one of the country’s main ATM / debit networks; and Diners Club International, a global payment network accepted worldwide. For more information visit www.discover.com/enterprise.

I FAFSA is a registered trademark of the US Department of Education and is not affiliated with Discover Student Loans.

ii https://studentaid.gov/about

iii https://studentaid.gov/help/how-long

iv https://nces.ed.gov/programs/coe/indicator/cuc


Source link

]]>
https://cec-ugc.org/nearly-one-in-three-parents-have-never-told-their-child-about-the-fafsa/feed/ 0
4 takeaways from the ABA 2021 student loan survey https://cec-ugc.org/4-takeaways-from-the-aba-2021-student-loan-survey/ https://cec-ugc.org/4-takeaways-from-the-aba-2021-student-loan-survey/#respond Tue, 21 Sep 2021 17:13:00 +0000 https://cec-ugc.org/4-takeaways-from-the-aba-2021-student-loan-survey/ By Sarah Martinson (September 21, 2021, 1:13 p.m. EDT) – The American Bar Association released a report on Tuesday, based on a survey of more than 1,300 young lawyers, which shows law school debt continues to climb. weigh heavily on young lawyers. finances, life decisions and mental health. Many of the findings of the report, […]]]>
By Sarah Martinson (September 21, 2021, 1:13 p.m. EDT) – The American Bar Association released a report on Tuesday, based on a survey of more than 1,300 young lawyers, which shows law school debt continues to climb. weigh heavily on young lawyers. finances, life decisions and mental health.

Many of the findings of the report, titled “Student Debt: The Holistic Impact on Today’s Young Lawyers” – including that student debt has a negative emotional impact on recent law graduates and causes them to delay their lawsuits. life stages – are similar to the results of the ABA Law Student Debt Survey 2020.

However, the 2021 report attempted to deepen the impact of the law …

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas, and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of prosecution, etc.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, requests, etc.
  • Create personalized alerts for specific articles and topics and more!

TRY LAW360 FREE FOR SEVEN DAYS


Source link

]]>
https://cec-ugc.org/4-takeaways-from-the-aba-2021-student-loan-survey/feed/ 0
What’s next for student loan cancellation https://cec-ugc.org/whats-next-for-student-loan-cancellation/ https://cec-ugc.org/whats-next-for-student-loan-cancellation/#respond Mon, 20 Sep 2021 22:48:20 +0000 https://cec-ugc.org/whats-next-for-student-loan-cancellation/ President Joe Biden (Photo by Chip Somodevilla / Getty Images) Getty Images Here is the continuation of student loan cancellations. Here’s what you need to know – and what it means for your student loans. Student loans From rallies on Capitol Hill to cancel student loan debt to hearings on student loan cancellation, there has […]]]>

Here is the continuation of student loan cancellations.

Here’s what you need to know – and what it means for your student loans.

Student loans

From rallies on Capitol Hill to cancel student loan debt to hearings on student loan cancellation, there has been no lack of focus on student loans. Congress and the Biden administration will have a significant impact on the next steps in student loan cancellation. What’s the next step for your student loans? Here are 4 things to know:

1. There will be more student loan cancellations

President Joe Biden has canceled more student loans than any president in history. Since becoming president, Biden has now canceled nearly $ 10 billion in student loans for hundreds of thousands of student loan borrowers. This is in addition to the nearly $ 60 billion Biden will have written off by the start of next year through a temporary student loan forbearance. The US Department of Education estimates that the temporary forbearance of student loans saved student loan borrowers $ 5 billion every month during the Covid-19 pandemic. Likewise, President Donald Trump canceled nearly $ 20 billion in student loans by extending the student loan relief under the Cares Act, the $ 2.2 trillion stimulus package that Congress passed in March 2020. The good news for student loan borrowers is that Biden will continue to cancel student loans. over the next few months and years. This student loan cancellation will likely be based on existing law and implemented by the US Department of Education, headed by US Secretary of Education Miguel Cardona. (Here’s how to get a student loan discount). Student loan forgiveness can take many forms, but Biden focused student loan forgiveness on defending the borrower from the repayment rule as well as student loan cancellation for disabled student loan borrowers, such as two recent examples. (Find out how to apply for a nearly $ 10 billion student loan forgiveness). Biden canceled $ 1.5 billion in student loans this way, and you can learn how to apply now since student loan cancellation is still available).



Source link

]]>
https://cec-ugc.org/whats-next-for-student-loan-cancellation/feed/ 0
Sallie Mae Offers Free Tips and Resources to Help Families Complete the FAFSA® | Business https://cec-ugc.org/sallie-mae-offers-free-tips-and-resources-to-help-families-complete-the-fafsa-business/ https://cec-ugc.org/sallie-mae-offers-free-tips-and-resources-to-help-families-complete-the-fafsa-business/#respond Mon, 20 Sep 2021 18:13:26 +0000 https://cec-ugc.org/sallie-mae-offers-free-tips-and-resources-to-help-families-complete-the-fafsa-business/ NEWARK, Delaware – (BUSINESS WIRE) – Sep 20, 2021– Last year just 68% of families filed the Free Application for Federal Student Aid (FAFSA ® ), the gateway to $ 150 billion in federal scholarships, grants, work-study and student loans. Among the main reasons not to file? Families cited the complexity of the FAFSA, as […]]]>

NEWARK, Delaware – (BUSINESS WIRE) – Sep 20, 2021–

Last year just 68% of families filed the Free Application for Federal Student Aid (FAFSA ® ), the gateway to $ 150 billion in federal scholarships, grants, work-study and student loans. Among the main reasons not to file? Families cited the complexity of the FAFSA, as well as the time it takes to file. Additionally, among those who did not complete the FAFSA for the 2020-21 academic year, 44% said they did not think they could qualify for aid.

To help students and families complete the FAFSA ®, and ultimately make informed decisions about funding higher education, Sallie Mae® today launched a FAFSA ® application tool this simplifies the process and significantly reduces the time it takes to apply for federal financial assistance. In fact, students can file in as little as seven minutes.

“Completing the FAFSA ® is one of the most important steps a student must take on their journey to higher education, ”said Jennifer O’Donald, Senior Vice President of Sallie Mae. “The reality is that almost everyone who applies will qualify for something. It is so important that students approach their collegial decision-making process with their eyes wide open and maximize the resources at their disposal.

Sallie Mae offers the following tips to help students and families prepare to complete the FAFSA ®:

  • Completing the FAFSA ® October 1 (or shortly after) – Some financial aid is granted on a first come, first served basis, or from programs with limited funds. The first families complete the FAFSA ®, the better the chances of being online for this help.
  • Do your homework before you drop off – Students and parents should collect social security numbers, driver’s license numbers, bank statements, 2020 tax returns and W-2 forms. Having this information handy before you start the application can help speed up the process and reduce stress.
  • Synchronize your tax return – Available at Sallie Mae’s FAFSA® free online application tool, students and parents can download their tax return from the IRS website, speeding up the process and simplifying the application.
  • Watch out for potential errorsErrors on the FAFSA® could delay an application, which means students and families could potentially lose financial aid. Entering incorrect social security or driver’s license numbers or forgetting to sign the application are some of the most common mistakes.
  • Fill out the special circumstances form if COVID-19 has impacted your finances – There is an opportunity after filing the FAFSA ® submit a special circumstances form, particularly if a student’s or parent’s income has changed as a result of COVID-19 or other events. The form can be requested from the college financial aid offices.

For more information on how to complete the FAFSA ®, visit SallieMae.com.

Sallie mae (Nasdaq: SLM) believes that education and lifelong learning, in all its forms, help people achieve great things. As a leader in private student loans, we provide funding and expertise to help keep the university going, and offer products and resources to help clients achieve new goals and experiences, beyond from university, possible. Learn more about SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies in the United States of America.

Category: Financial Literacy

View source version on businesswire.com:https://www.businesswire.com/news/home/20210920005728/en/

CONTACT: Ashley Boucher

856.430.0755

Ashley.Boucher@salliemae.com

KEYWORD: UNITED STATES NORTH AMERICA DELAWARE

INDUSTRY KEYWORD: MEN OTHER PROFESSIONAL SERVICES FAMILY FINANCE CONSUMER BANKING OTHER EDUCATION PROFESSIONAL SERVICES TEENS UNIVERSITY PARENTAL EDUCATION OTHER CONSUMERS WOMEN

SOURCE: Sallie Mae

Copyright Business Wire 2021.

PUB: 20/09/2021 14:12 / DISC: 20/09/2021 14:13

http://www.businesswire.com/news/home/20210920005728/en

Copyright Business Wire 2021.


Source link

]]>
https://cec-ugc.org/sallie-mae-offers-free-tips-and-resources-to-help-families-complete-the-fafsa-business/feed/ 0
Biden did not cancel student loans, but does not pay for student loan forgiveness https://cec-ugc.org/biden-did-not-cancel-student-loans-but-does-not-pay-for-student-loan-forgiveness/ https://cec-ugc.org/biden-did-not-cancel-student-loans-but-does-not-pay-for-student-loan-forgiveness/#respond Sun, 19 Sep 2021 23:01:24 +0000 https://cec-ugc.org/biden-did-not-cancel-student-loans-but-does-not-pay-for-student-loan-forgiveness/ President Joe Biden (Photo by Brook Christopher / WireImage) Wire picture President Joe Biden hasn’t canceled your student loans, but don’t pay for your student loan cancellation. Here’s what you need to know – and what it means for your student loans. Student loans If you follow the latest headlines on student loans, you know […]]]>

President Joe Biden hasn’t canceled your student loans, but don’t pay for your student loan cancellation.

Here’s what you need to know – and what it means for your student loans.

Student loans

If you follow the latest headlines on student loans, you know that Biden hasn’t embraced full-scale student loan cancellations. Despite pressure from Senator Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) to cancel up to $ 50,000 in student loans, Biden chose to focus on canceling targeted student loans. Since becoming president, Biden has canceled more student loans than any president. This includes $ 10 billion in student loan cancellations, including $ 1.5 billion in student loans canceled in this way and $ 5.8 billion in canceled student loans for student loan borrowers with total and permanent disabilities. . (Find out here how to apply for a student loan forgiveness). Without a large-scale student loan forgiveness, you might be wondering, “Should you stop paying your student loans?” If you haven’t got your student loan forgiveness, you might be tempted to pay a company to help you with your student loan forgiveness. Why? The lack of large-scale student loan cancellations has resulted in some student loan borrowers falling victim to potential student loan scams. Here is what you need to know in order not to lose money:

1. There is no Biden student loan forgiveness

If someone promises you “Biden Student Loan Cancellation”, that’s a scam. The term “Biden student loan cancellation” refers to student loan cancellation through the US Department of Education for your federal student loans. Biden’s student loan cancellation also refers to the student loan cancellation adopted by Biden under applicable law. Therefore, “Biden student loan cancellation” refers to the cancellation of the federal student loan through the federal government. No business can cancel your student loans. Don’t believe a company that promises student loan forgiveness. (However, here’s how to get a student loan discount). A typical scam involves a company – usually through an email or ad – that promises to cancel your student loans through the Biden student loan forgiveness program. Here’s the thing: There is no Biden student loan forgiveness through a business. This scam resembles the Public Service Loan Forgiveness program, which Congress created and which President George W. Bush, not Biden, enacted in 2007. However, only the US Department of Education can cancel your student loans through the Public Service Loan Forgiveness program. , not a private company. (Biden Student Loan Cancellation Means 3 Things For Your Student Loans).



Source link

]]>
https://cec-ugc.org/biden-did-not-cancel-student-loans-but-does-not-pay-for-student-loan-forgiveness/feed/ 0
Parent PLUS borrowers steal retirement to fund their children’s college education: survey | New https://cec-ugc.org/parent-plus-borrowers-steal-retirement-to-fund-their-childrens-college-education-survey-new/ https://cec-ugc.org/parent-plus-borrowers-steal-retirement-to-fund-their-childrens-college-education-survey-new/#respond Sun, 19 Sep 2021 15:00:00 +0000 https://cec-ugc.org/parent-plus-borrowers-steal-retirement-to-fund-their-childrens-college-education-survey-new/ One in four American parents who have borrowed from the federal government to help pay for a child’s college education do not expect to retire as planned because of debt, according to a poll to be released on Tuesday. And one in five borrowing parents regrets taking the loan, according to the NerdWallet survey. “Parents […]]]>

One in four American parents who have borrowed from the federal government to help pay for a child’s college education do not expect to retire as planned because of debt, according to a poll to be released on Tuesday.

And one in five borrowing parents regrets taking the loan, according to the NerdWallet survey.

“Parents are doing whatever it takes to get their kids to college, including unaffordable debt,” said Anna Helhoski, student loan expert at NerdWallet, a San Francisco-based personal finance website. Of the total of $ 1.6 trillion in student debt, Americans borrowed about $ 103 billion in PLUS loans in the second quarter of 2021. There are 3.6 million Parent Plus borrowers and the average loan is over $ 28,000.

But parents who borrow for children’s college are stealing future retirement dollars to help fund college, NerdWallet warned.

One in three people who have borrowed from the government Parent PLUS loans say they rely on the forgiveness to help pay off much of their debt.

The government recently opted to extend collection actions on overdue loans by four months, until Jan. 31, 2022. But officials say forbearance is unlikely to be offered again.

As for a greater debt amnesty, “relying on forgiveness is a mistake. They hear about it in the headlines. There is hope there, but there is no law now. President Biden has not pledged a broad pardon, ”Helhoski added.

An October 2020 JPMorgan Chase report that analyzed the student loan debt of over 300,000 Chase Bank customers found that “nearly 40% of people involved in student loan repayments are helping someone else to pay off his student loan debt ”.

A 2017 AARP survey of more than 3,000 adults found that a quarter of private student loan co-signers aged 50 and over had to make a loan repayment because the student borrower did not. not done.

While students have borrowed a lot for their education, parents also borrow a lot to help their children, putting two generations in debt.

“Not only is their child getting into debt, they are also getting into debt,” said Anthony “Tony” D’Angelo, executive producer of Collegiate Empowerment, a non-profit educational company.

Due to the rising cost of post-secondary education and the readily available funding for these college degrees, D’Angelo compares college debt to the subprime housing market, which was fueled by easy-to-obtain mortgages and ever-growing real estate. students. prices.

NerdWallet has discovered that student debt affects families at several stages of life: young adults in debt as they try to build their lives; others close to retirement who see their financial life turned upside down; and retired parents and grandparents who have taken out loans to help a loved one complete their education.

Federal Parent PLUS loans may incur higher fees than private student loans, according to PayForEd.com, a Newtown Square, Pa., consulting firm that tracks the student loan industry. Many parents also don’t understand that a PLUS loan is legally their responsibility, not the student’s.

Parent PLUS loans have a standard interest rate for all borrowers established each May, which takes effect on July 1. The federal parent PLUS rate for 2021-2022 is 6.28%. The parent PLUS loan origination fee may also be higher than private loans, at 4.22%, according to PayForEd.com.

Fred Amrein, CEO of PayforEd.com, who developed digital tools to help families manage college costs, said “people over 50 are the fastest growing borrowers.”

Copyright 2021 Tribune Content Agency.


Source link

]]>
https://cec-ugc.org/parent-plus-borrowers-steal-retirement-to-fund-their-childrens-college-education-survey-new/feed/ 0
Biden wrote off $ 1.5 billion in student debt for borrowers, but you can still apply now https://cec-ugc.org/biden-wrote-off-1-5-billion-in-student-debt-for-borrowers-but-you-can-still-apply-now/ https://cec-ugc.org/biden-wrote-off-1-5-billion-in-student-debt-for-borrowers-but-you-can-still-apply-now/#respond Sat, 18 Sep 2021 22:48:24 +0000 https://cec-ugc.org/biden-wrote-off-1-5-billion-in-student-debt-for-borrowers-but-you-can-still-apply-now/ President Joe Biden (Photo by Mario Tama / Getty Images) Getty Images President Joe Biden canceled $ 1.5 billion in student loans through this program, and you can still apply now. Here’s what you need to know. Student loans Although Biden did not enact large-scale student loan cancellation, there is hope for student loan borrowers […]]]>

President Joe Biden canceled $ 1.5 billion in student loans through this program, and you can still apply now.

Here’s what you need to know.

Student loans

Although Biden did not enact large-scale student loan cancellation, there is hope for student loan borrowers to get student loan forgiveness through the borrower’s defense of student loan repayment. . Since becoming president, Biden has canceled nearly $ 10 billion in student loans. This includes $ 1.5 billion in student loan cancellations for 92,000 student loan borrowers under the borrower defense against repayment rule. In July, Biden canceled $ 55.6 million in student loans for more than 1,800 student loan borrowers in the borrower’s defense for repayment. This rule from the Obama era is still available now and could help you get a partial or full cancellation of your student loan. Here’s what you need to know and how to apply:

1. What is the borrower’s defense against repayment?

Under federal law, if your college or university has misled you or engaged in other wrongdoing, you may be eligible for a borrower’s defense against student loan repayment. The borrower’s defense against repayment may result in the cancellation of some or all of your federal student debt. The borrower’s defense against repayment does not apply to your private student loans.



Source link

]]>
https://cec-ugc.org/biden-wrote-off-1-5-billion-in-student-debt-for-borrowers-but-you-can-still-apply-now/feed/ 0
2021 student loan interest deduction https://cec-ugc.org/2021-student-loan-interest-deduction/ https://cec-ugc.org/2021-student-loan-interest-deduction/#respond Fri, 17 Sep 2021 19:40:02 +0000 https://cec-ugc.org/2021-student-loan-interest-deduction/ Father and daughter calculate their student loan interest deduction The student loan interest tax deduction is intended for students and their parents who repay federal student financial assistance. This is the “above the line” adjustment of your adjusted gross income (AGI) if you paid interest to a qualifying loan program during 2021. It may be […]]]>

Father and daughter calculate their student loan interest deduction

The student loan interest tax deduction is intended for students and their parents who repay federal student financial assistance. This is the “above the line” adjustment of your adjusted gross income (AGI) if you paid interest to a qualifying loan program during 2021. It may be taken whether you itemize the deductions or take the standard deduction. Here’s what you need to know about this deduction, when it can be applied, and how to calculate your deduction.

A Financial Advisor can provide you with valuable information and advice as you seek to benefit from all the deductions and credits to which you are entitled.

Basics of deducting interest on student loans

You get the full amount of your allowable interest deduction on your AGI because it is above the line and not an itemized deduction, although it can be taken whether or not you itemize the deductions. The highest amount you can claim for an interest deductible student loan is $ 2,500 for 2021, but it is limited by your income eligibility. You may have paid more interest than that during the year, but that’s the limit of your claim.

If you are single, head of household, or eligible widower or widower, the phase-out of your student loan interest starts at $ 70,000 AGI modified and elimination ends at $ 85,000. If you are married, you can earn $ 140,000 before the phase-out begins. You can earn up to $ 170,000, which is the level at which the phase-out ends.

Keep in mind that the pandemic led to March 2020 CARES Law, which suspended student loan payments, froze interest rates at 0% and halted debt collection until it expired. The latest extension set the expiration date for September 30, 2021. However, President Biden has announced that he will again extend the deferral period to January 31, 2022. In some situations, the student loan interest is not charged. not subject to this waiver and must be paid regardless.

Which student loans are eligible and which are not?

College seminar

College seminar

Student loans eligible for interest relief during the pandemic are all loans held by the Department of Education. These are Direct, Subsidized and Unsubsidized Loans Stafford loans, Parents and Graduates Plus Loans, and Consolidation Loans. There are many student loans that do not qualify for interest relief. These are Federal Family Education Loans (FFELs) and Perkins Loans, if held commercially by lending institutions. If they are held by the Ministry of Education, they are also covered.

The only student loans that qualify for the student loan interest deduction are those that are intended for you, your spouse or a dependent and that are for eligible educational expenses. Private loans or loans an employee-sponsored plan are not eligible. The loan must be for an academic term and the student must be at least part-time to be eligible.

Eligible study expenses and Eligibility

Eligible study costs are:

If you are single, you are entitled to the student loan interest deduction if you declare as single, head of family or eligible widower (s). If you are married, you are eligible if you are filing a joint return. You are not eligible if you are married and are filing separately. You cannot be listed as a dependent when someone else returns. If your child has completed the loan applications, you are not eligible even if you make the payments.

Calculating your interest deduction on student loans

You get the amount of eligible interest you paid in 2021 from the organizations to which you owe interest on Form 1098-E. Depending on your loans, you may receive more than one Form 1098-E. Any lender to whom you paid $ 600 or more in interest in 2021 is required to send you this form.

You enter the amount of your student loan interest deduction on Schedule 1, line 20, of the Internal Revenue Service (IRS) 2021 Form 1040. This will be the total of your interest from all of your 1098-E forms. Add this to all other entries on Schedule 1 and total on line 22. Bring the total from line 22 to Form 1040 and complete line 10A.

As a result, deducting interest on student loans will reduce your AGI, which in turn will reduce your tax liability.

The bottom line

Tax forms

Tax forms

The student loan interest deduction is valuable for taxpayers with student loan debt because it is a deduction written off before your AGI is calculated. You benefit from the full deduction to which you are entitled. People who don’t detail their deductions also fully benefit from the deduction of interest on student loans to which they are entitled.

Tips for filing your taxes

Photo credit: © iStock.com / SDI Productions, © iStock.com / fizkes, © iStock.com / fizkes

The post office 2021 student loan interest deduction appeared first on SmartAsset Blog.


Source link

]]>
https://cec-ugc.org/2021-student-loan-interest-deduction/feed/ 0
5 online tutoring jobs for students https://cec-ugc.org/5-online-tutoring-jobs-for-students/ https://cec-ugc.org/5-online-tutoring-jobs-for-students/#respond Fri, 17 Sep 2021 14:00:41 +0000 https://cec-ugc.org/5-online-tutoring-jobs-for-students/ Online tutoring is a great way to earn money as a student while still focusing on your studies. Online tutoring positions can be competitively priced and are easier to manage with a class schedule than other jobs because you don’t have to factor in a commute and some companies allow you to set your own […]]]>

Online tutoring is a great way to earn money as a student while still focusing on your studies. Online tutoring positions can be competitively priced and are easier to manage with a class schedule than other jobs because you don’t have to factor in a commute and some companies allow you to set your own hours.

There are tutoring jobs online for a variety of subjects, specialties, grades, and orientations, from teaching English as a second language to tutoring high school students.

Here are five online tutoring companies that offer positions for students:

  1. Tutor.com.
  2. TutorMe.
  3. Study basin.
  4. Cambly.
  5. Magic ears.

5 Paid Online Tutoring Jobs For Students

Not all online tutoring companies are created equal, and each has different pricing, experience requirements, and job roles. Here’s a look at five companies, including what they offer per hour and the general requirements for the job.

1. Tutor.com

Tutor.com is associated with Princeton Review and offers tutoring services for a wide range of topics and topics. It offers online tutoring for everything from basic courses like English and math to specialty courses like managerial accounting and healthcare administration.

Second-year students and above are welcome to apply, but current undergraduates will likely be responsible for tutoring lower-level students in core courses. Guardians can set their own hours, but they must work at least five hours a week to keep their jobs.

Hourly rate: Varies by subject

Conditions:

  • Qualify as an expert in your field by passing a competency exam.
  • Be enrolled in the second year or above at an accredited four-year university, or have a bachelor’s degree (or above) from an accredited four-year university.
  • Reside and be eligible to work in the United States

Where to apply: https://www.tutor.com/apply

2. TutorMe

TutorMe offers competitive hourly wages and the ability to choose your own schedule. Tutors have a wide range of subjects to choose from, including standard training courses and professional skills such as driver safety and Photoshop.

The company provides interactive resources like a virtual whiteboard, a text editor, and the ability to share the screen. TutorMe also specializes in preparing for major high school exams like ACT and SAT, but you will likely need professional tutoring experience for this specific type of tutoring.

Hourly rate: 16 $

Conditions:

  • Be enrolled in or graduate from an accredited university.
  • Qualify as an expert in your subject.
  • Be at least 18 years old.
  • Have previous tutoring or teaching experience.

Where to apply: https://tutorme.com/apply/

3. Study pool

Studypool is an online tutoring service that allows tutors to bid and answer questions that students submit. Students will set a time limit and price range, and multiple tutors will bid on each question. The student will then choose the tutor who best suits his needs and submit the payment to Studypool. Once the question has been officially answered and approved by the student, payment will be distributed to the tutor.

After you have gone through the application process, you won’t need to set a timeline, as you have the option to bid for the issues you have time for. Many students use Studypool as a way to earn extra money, but others rely on the site as a full-time job, earning up to $ 7,500 per month.

Hourly rate: Varies depending on the questions you answer

Conditions:

  • Be a current student with a valid student ID.
  • Have a university degree and a valid transcript.

Where to apply: https://www.studypool.com/online-tutor-job

4. Cambly

Cambly pairs native English speakers with students learning English as a second language. No teaching diploma or license is required to be accepted, and tutors set their own schedule. However, you will need to be prepared to work non-traditional hours due to the different time zones of your students.

Hourly rate: $ 10.20 on Cambly, $ 12 on Cambly Kids

Conditions:

  • Be a native English speaker.

Where to apply: https://www.cambly.com/tutor/signup

5. Magic ears

Magic Ears pairs everyday English speakers with Chinese students learning English in a classroom setting, with one teacher for every four students. Students in the program can be between 4 and 12 years old. After 10 lessons, tutors have the option of applying for a “backup” course – essentially serving as a substitute teacher when the primary teacher cancels or does not show up.

Although teachers are not required to hold a degree, they must have a transcript to prove that they are currently enrolled in a bachelor’s degree program. They must also hold a 120 hour ESL certification. After an initial six-month period with Magic Ears, teachers are assessed by a development coach to determine if they can continue with their contract.

Hourly rate: Up to $ 26

Conditions:

  • Speak English at an idiomatic level.
  • Hold or actively pursue a bachelor’s degree or higher.
  • Hold a 120-hour ESL certification.

Where to apply: https://t.mmears.com/v2/

How to get paid for an online tutor

On most tutoring websites, you are responsible for building your reputation as a tutor. In order to maximize your potential earnings, it’s important to be as professional and prepared as possible.

Here are some things to consider before applying for tutoring jobs online.

Focus on your know-how

When interviewing for different jobs, stick to your topic of expertise. Typically, this means focusing on a topic related to your degree. Not only will this help you feel more confident in your role, it will also establish your reputation on the site and attract more customers. Many sites also require potential tutors to take skill tests in specific areas, so capitalize on the topics you are most comfortable with.

Determine your needs and schedules

When you start your business as an online tutor, set yourself limits whenever you can. It can be tempting to work around the clock, especially when jet lag is a factor, but don’t overwork yourself and remember to focus primarily on your schoolwork.

Before applying, check each location’s class schedules, the countries your potential students live in, and the time zones you’ll need to adjust to. Creating a schedule from the start will help you set the boundaries necessary for a healthy work-life balance.

If you decide to become self-employed rather than working on a website, research tutor rates online with your level of experience to set a fair and competitive hourly rate.

Advertise your business

If you choose to start your own tutoring business, advertise your expertise, pricing, and experience on all possible social media platforms. Facebook, Twitter, and Instagram are great ways to connect with people looking for tutoring services.

Facebook groups can also provide you with potential customers. There are groups for just about everything; Publishing your business information wherever it is relevant is key to building momentum.

How much can I earn from online tutoring?

The amount you could earn from online tutoring depends on the hourly rates set by the website and the number of hours you work per week. There are a lot of people who teach full time, some even making six-figure salaries.

However, the rates vary depending on the subject, your experience, and the company, so research a few online tutoring companies before applying to make sure you are paid fairly. Also, keep in mind that most companies charge a service fee, which can be 20% or more. You will need to factor this into each expected payment.

Learn more:


Source link

]]>
https://cec-ugc.org/5-online-tutoring-jobs-for-students/feed/ 0